Saudi Aramco: 2012 Production Rises, Capacity Steady

Saudi Aramco’s 2012 Annual Report, released on 27 May, shows crude production hitting a record 9.51mn b/d, up over 440,000 b/d on 2011’s previous record. Gas output of 10.7bn cfd, up 9% on 2011, is also at record high levels (see table). Meanwhile, Aramco is looking to downstream and petrochemicals to boost its numbers in Saudi Arabia and internationally, with Riyadh telling Aramco and state petrochemicals firm SABIC to form a JV to operate in the Kingdom, MEES understands.

Soaring domestic consumption means volumes available for export have failed to keep up with rising production. Export volumes rose to almost 6.9mn b/d for 2012, from 6.6mn b/d in 2011, but exports’ share of production has fallen to just over 70% (see graph). Of exports, 53.2% now go to Asia, with the US share steady at 16.5% for 2012. Aramco is conducting a review of its international refining operations and may opt local feedstock freeing up more of its own crude for sale elsewhere (MEES, 3 May). (CONTINUED - 691 WORDS)